Germany's top regulators met about 50 envoys from foreign banks on Monday to explain how they could move business to Europe's biggest economy after Britain leaves the European Union, German financial watchdog Bafin said.

London will probably end up winning the battle over its clearing industry, according to four top bankers in Davos, adding to the debate over whether the U.K.’s financial industry will be stripped of a crown jewel.

Business leaders in Davos, traditionally the high priests of globalization, are talking up the benefits of local production this week to shield themselves from criticism from incoming U.S. President Donald Trump.

Russia and Kazakhstan said they’ve met or exceeded their initial goals for trimming oil output, bringing cuts by non-OPEC nations in the first 10 days of this year to more than a quarter of the total pledged a month ago in Vienna.